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APPENDIX <br />considered "naturally -occurring" or "unsubsidized affordable" units. This rental supply is avail- <br />able through the private market, versus assisted housing programs through various governmen- <br />tal agencies. Property values on these units are lower based on a combination of factors, such <br />as: age of structure/housing stock, location, condition, size, functionally obsolete, school dis- <br />trict, etc. <br />Net Income — Income earned after payroll withholdings such as state and federal income taxes, <br />social security, as well as retirement savings and health insurance. <br />Net Worth — The difference between assets and liabilities, or the total value of assets after the <br />debt is subtracted. <br />Pent-up demand — A market in which there is a scarcity of supply and as such, vacancy rates are <br />very low or non-existent. <br />Population — All people living in a geographic area. <br />Population Density — The population of an area divided by the number of square miles of land <br />area. <br />Population Trends — Changes in population levels for a particular geographic area over a spe- <br />cific period of time — a function of the level of births, deaths, and in/out migration. <br />Project -Based rent assistance — Rental assistance from any source that is allocated to the prop- <br />erty or a specific number of units in the property and is available to each income eligible tenant <br />of the property or an assisted unit. <br />Redevelopment — The redesign, rehabilitation or expansion of existing properties. <br />Rent burden — gross rent divided by adjusted monthly household income. <br />Restricted rent — The rent charged under the restriction of a specific housing program or sub- <br />sidy. <br />Saturation —The point at which there is no longer demand to support additional market rate, <br />affordable/subsidized, rental, for -sale, or senior housing units. Saturation usually refers to a <br />particular segment of a specific market. <br />Senior Housing —The term "senior housing" refers to any housing development that is re- <br />stricted to people age 55 or older. Today, senior housing includes an entire spectrum of hous- <br />ing alternatives. Maxfield Research Inc. classifies senior housing into four categories based on <br />the level of support services. The four categories are: Active Adult, Congregate, Assisted Living <br />and Memory Care. <br />MAXFIELD RESEARCH AND CONSULTING 168 <br />